It wasn’t me! Debate rages as KDB tanks in secondary

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By Virginia Furness
04 Sep 2014

Bookrunners were quick to point the finger at Korea Development Bank (KDB) after its new bond this week drew few orders and then sold off in secondary. But while KDB acknowledged the $750m deal had been priced aggressively, the issuer said it was following strategies recommend by its syndicate banks, writes Virginia Furness.

Bankers' response to the deal was unusually fierce. “KDB’s aspiration was to make their deal like a developed market transaction, but the way they behaved and the way they pushed the bankers was simply an EM-style transaction,” said a banker on the trade. “They showed no respect to ...

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